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Real Estate (Tables)

6 Months Ended

Jun. 30, 2024

Investments in real estate properties consisted of the following (dollars and square feet in thousands):


	Square Feet				Number of Buildings
	Jun 30,		Dec 31,		Jun 30,		Dec 31,		Jun 30,		Dec 31,
	2024		2023		2024		2023		2024		2023
Operating properties:
Buildings and improvements		645,202		630,955		2,978		2,960	$	54,360,271	$	52,626,191
Improved land										23,390,064		22,809,306
Development portfolio, including land costs:
Prestabilized		6,293		13,369		25		45		1,002,324		1,838,805
Properties under development		21,738		26,438		81		85		2,156,673		2,528,650
Land (1)										4,199,065		3,775,553
Other real estate investments (2)										4,625,412		5,088,070
Total investments in real estate properties										89,733,809		88,666,575
Less accumulated depreciation										11,869,054		10,931,485
Net investments in real estate properties									$	77,864,755	$	77,735,090

(1)

At June 30, 2024 and December 31, 2023, our land was comprised of 8,430 and 8,197 acres, respectively.

(2)

Included in other real estate investments were: (i) land parcels we own and lease to third parties; (ii) non-strategic real estate assets that we do not intend to operate long term; (iii) renewable energy assets, including solar panels and electric vehicle chargers, and energy storage systems; and (iv) non-industrial real estate assets that we intend to redevelop as industrial properties or other higher use assets.

Schedule of Acquisitions of Properties Including Energy Assets

The following table summarizes our real estate acquisition activity, including energy assets (dollars and square feet in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023 (1)		2024		2023 (1)
Number of operating properties		8		76		8		76
Square feet		2,277		14,941		2,277		14,941
Acres of land		122		118		365		238
Acquisition cost of net investments in real estate, excluding other real estate investments	$	283,507	$	3,470,086	$	567,531	$	3,510,560

Acquisition cost of other real estate investments	$	50,076	$	34,096	$	50,243	$	40,281

(1)

On June 29, 2023, we acquired a real estate portfolio comprised of 70 operating properties in the U.S., aggregating 13.8 million square feet, for cash consideration of $3.1 billion.

Number of Properties Disposed Including Minor Adjustments

The following table summarizes our dispositions of net investments in real estate which include contributions to unconsolidated co-investment ventures and dispositions to third parties (dollars and square feet in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Dispositions of development properties and land, net (1)
Number of properties		6		5		7		5
Square feet		1,210		2,122		1,839		2,122
Net proceeds	$	241,701	$	465,957	$	378,490	$	465,957
Gains on dispositions of development properties and land, net	$	87,174	$	184,877	$	127,482	$	184,877

Other dispositions of investments in real estate, net (2)
Number of properties		51		-		52		5
Square feet		7,627		-		7,823		360
Net proceeds	$	735,222	$	314,565	$	883,058	$	371,573
Gains on other dispositions of investments in real estate, net	$	199,326	$	24,761	$	216,860	$	28,808

(1)

The gains we recognize in Gains on Dispositions of Development Properties and Land, Net in the Consolidated Statements of Income are principally driven by the contribution of newly developed properties to our unconsolidated co-investment ventures and occasionally sales to a third party.

(2)

During the three and six months ended June 30, 2023, we sold our ownership interest in an unconsolidated office joint venture.